A bidding war for Playboy is putting its famous octogenarian founder Hugh Hefner back in the spotlight. Photo: Entertainment Press

The Playboy bunny is getting a lift from Wall Street.

Shares of Playboy Enterprises soared 42 percent yesterday on bets the aging adult-entertainment empire could soon be the target of a bidding war.

The stock rose $1.21 to $4.07 on reports the soft-porn magazine publisher is in talks to sell itself to Iconix Group — the New York-based acquirer of fashion brands like Joe Boxer, Rocawear, Ocean Pacific and Badgely Mischka.

“Iconix does not comment on rumors,” a spokeswoman told The Post, and Playboy declined to comment.

Still, Iconix shares slumped 3.2 percent to $11.76 on worries that Iconix CEO Neil Cole is mounting an ill-advised acquisition binge. Last month, shares slumped after the company announced a deal to acquire the debt-ridden streetwear brand Marc Ecko.

Iconix is only the latest in a line of investors to have sneaked a peek at Playboy’s books, sources said. Other interested parties have included Oak Hill Capital Partners and Monarch Alternative Capital, as well as Hilco Consumer Capital — a Toronto-based buyout shop that has partnered to scoop up brands as diverse as Polaroid, Sharper Image and Linens ‘n Things.

As first reported by The Post in May, the iconic brand known for its bunny logo has been shopped around since the spring. Since then, sources said, Playboy’s books have been eyed by a wide range of prospective investors, from media and publishing moguls to retailers.

“It’s a great company and it has the potential to make a lot of money,” said one prospective bidder who declined to be identified. “You could license the [Playboy] Mansion for restaurants, bars and strip joints.”

Still, it’s not clear that any deal is imminent. One potential stumbling block is the whim of 83-year-old Hugh Hefner, who controls 70 percent of Playboy’s stock.

The legendary founder is looking for a premium as he tries to pay off debt and finance his lavish lifestyle while at the same time keeping his pioneering porn publication alive.

The Post reported in the spring that Playboy was being shopped with an asking price of $300 million. While interest has since cooled among bidders including Providence Equity and Apollo Management, sources said Playboy, which has hired UBS to explore strategic alternatives, is holding out for a firm price.

“I couldn’t make the numbers work at $300 million,” one investor told The Post. Despite yesterday’s big run up in the stock, the company’s market capitalization is only $136 million.

Some people have likewise balked at Playboy’s network of business relationships, which, as one investor put it, includes “sleazy porn sites and strip clubs.”

“I might be inclined to give it a shot myself if my mother wasn’t still alive and I didn’t have a teenage daughter,” said one publishing executive who waved off an approach by a potential Playboy suitor.

Another private-equity investor who recently got a look under Playboy’s kimono concurred.

“I’ve tried to get my head around the kinds of people you’d do business with,” he said. “You’ve got to ask yourself whether you really want to be in that.”